Oil edges up towards $82 on China import surge

Thursday, March 11, 2010

Oil reversed earlier losses to gain a few cents towards $82 on Wednesday after China said imports jumped in February, boosting evidence that emerging Asian economies will lead global demand back into growth this year.

China imported 18,5-million tons of crude in February, up 8,2 percent from January, the country's General Administration of Customs said on Wednesday. Fuel imports rose almost 14%, while fuel exports tumbled almost 41 percent.

"It's a strong reading, particularly because February was a short month and you had the Chinese New Year holiday," said David Moore, commodities strategist at the Commonwealth Bank of Australia in Sydney.

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